You have many choices when it comes to insurance for painters. But, like many contractors, painters find this whole thing about insurance a bit confusing. Policy jargon and insurance terms make it difficult to understand.
But, let’s all agree that the most important coverage for all contractors is general liability insurance because it covers third-party injury lawsuits as well as property damage. While we’re here, you know that your general liability insurance shouldn’t be less than $1 million in coverage right? Is it?
So, if you’ve got liability insurance do you need more? You are probably asking yourself, what is Builder’s Risk Insurance for?
While your general liability covers any claims over damage or injury to a third party as a result of your work, this doesn’t cover your own property. This could be damage done to anything on a job site by employed by your company
With general liability coverage, many painting contractors and decorators assume that they are fully covered under the policy, only to discover later that there are blind spots. And they are expensive to fix. Are you one of these contractors?
It is always a good idea to get a trusted and experienced insurance agent to walk you through the terms of a policy before signing up. Get your insurance coverage assessed every year at least.
Should you add Builder’s Risk Insurance to your coverage program? Here are some of the policy highlights.
Builder’s Risk insurance (aka course of construction insurance) is designed to protect structures and buildings that are being constructed or undergoing renovation. It also covers the tools and equipment used at the construction site.
The policy covers the following causes of loss:
Let’s put the benefits of Builder’s Risk coverage into perspective.
The average cost of a Builder’s Risk Insurance policy ranges between 1-5% of the total cost of construction. That said, the exact cost depends on some factors, including the type of construction, length of the project, and geographical location of the project.
While you may think that your painting project is fully covered, construction site theft is on the rise. But this won’t keep you up at night if you know you are covered by Builder’s Risk Insurance. For answers to your questions about insurance for painters, call us at (877) 960 0221.